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2Mar By reutersNo Comments

CHINA

China Party to Punish Former Tycoon for Microblog Posts

China's ruling Communist Party will impose "severe intra-party penalties" on a former property tycoon whose microblogs were closed at the weekend after he criticised government policy, state news agency Xinhua reported. Microblog portals such as Weibo.com and t.qq.com, among China's most popular, were ordered to shut the accounts of Ren Zhiqiang, a retired top executive from a state-controlled property developer who had more than 30 million online followers. China's Internet regulator said that Ren, a party member, had been "spreading illegal information". Chinese media has accused Ren of making remarks criticising state media and questioning whether taxpayers money should be used to promote the government. The Beijing city Xicheng district party committee said that Ren had "re...

28Jan By NitishNo Comments

CHINA

Alibaba Revenue Jump 32 Percent in Q4

AFP- Chinese e-commerce giant Alibaba revenue jump 32 percent year-on-year for the quarter ending in December, it said in a statement Thursday, despite slowing growth in the world's second-largest economy. Alibaba, which dominates the consumer-to-consumer market in China, said revenue reached $5.33 billion (CNY 34.54 billion or roughly Rs. 36,155 crores) in the December quarter, beating an average forecast of CNY 33.2 billion in a survey of analysts by Bloomberg News. Investors have hammered the New York-listed shares of Alibaba as a proxy for China's falling growth, weakening currency and domestic stock market turmoil. China's economy grew 6.9 percent in 2015, the slowest rate since 1990. Fourth-quarter growth alone slowed to 6.8 percent, its worst since the global financial cris...

Chinese Twitter-like Platform Sina Weibo Will Also Lift 140-word Limit

23Jan By NitishNo Comments

CHINA

Chinese Twitter-like Platform Sina Weibo Will Also Lift 140-word Limit

Chinese Twitter-like platform Sina Weibo will cancel its 140-word limit, a move Twitter is reportedly considering. Sino Weibo management team has sent a letter to its developers on Wednesday. However, Weibo users have always been allowed to write posts longer than 140 words. But previously they were required to type the extra content on a different site and link back to Weibo. Launched in August 2009, Sina Weibo is China’s largest social network with 222 million monthly active users as of the third quarter of 2015. The platform will start a trial with some of its microblog users in about a week on January 28, and lift the word limit for all users a month later on February 28.The new word limit is 2,000 words. The platform will only show the first 140 words on the feed, but readers...

13Jan By reutersNo Comments

CHINA

China’s richest man buys Hollywood studio Legendary for $3.5 billion

Chinese conglomerate Dalian Wanda Group has bought U.S. film studio Legendary Entertainment for about $3.5 billion, turning its chairman into a Hollywood movie mogul as China's richest man steps up a drive to diversify his business empire overseas. At a news conference in Beijing on Tuesday, Wanda Chairman Wang Jianlin said he plans to package Legendary, behind hits like "Jurassic World", with existing movie production assets in China and sell shares in the merged operation in an initial public offering (IPO). The move makes Wanda the first Chinese firm to own a major Hollywood studio - a sign of the country's growing power in the global movie world, industry watchers said. "Wanda Cinema already has made tremendous development in China, but it isn't enough," said Wang, whose personal ...

11Jan By reutersNo Comments

CHINA, News

Uber drives into China tourism industry

Uber Technologies Inc said on Monday its China unit will get an undisclosed amount of investment from Chinese firm HNA Group as part of a partnership of the U.S. ride-hailing firm with the aviation and shipping conglomerate. The partnership, which marks Uber's ambitions to break into China's huge tourism industry, includes an array of transportation services to and from airports and for HNA flights, as well as online financing for the automotive sector. Uber CEO Travis Kalanick said in Beijing he envisions a system where customers can seamlessly move from traveling within a city to between and outside cities, built on a global series of partnerships. Uber's partnership with HNA Group comes as it and rival Didi Kuaidi vie to forge ties with influential Chinese companies with long-e...

How to set up a Chinese company as a foreigner

10Jan By AnkitaNo Comments

CHINA

How to set up a Chinese company as a foreigner

Every country has its own set of rules and regulations when it comes to setting up a business. China is no exception, but what are some of the challenges for foreigners setting up a business in China? Michael Michelini, will tell you how? A, 34 years, old Shenzhen-based American internet dude helping western companies leverage Chinese social media for business. Michelini is also the author of Destination China: Entrepreneurs’ Journey from Wall Street to business in China. What are some of the difficulties a foreigner faces opening and operating a business in China? Michelini: It’s a lot more difficult as a foreigner to open a company in China, it’s not the same as a Chinese person opening a company in China. Also maintaining a business is harder than for Chinese companie...

9Jan By Press Trust of IndiaNo Comments

CHINA

China’s country code domain “.cn” becomes world’s largest

Beijing, Jan 9 (PTI) - China's country code domain '.cn' has become the world's most commonly used in the internet with 16.36 million users, surpassing Germany's '.de' domain. According to the data released yesterday by the China Internet Network Information Centre (CNNIC), which manages the domain, '.cn' had 16.36 million users by the end of 2015. The '.cn' domain is also world leading in domain resolution service, security and the ratio of benign uses, said CNNIC head Li Xiaodong. As China began to require real-name registration in 2009, the '.cn' domain is able to protect users' interests and reduce online theft, phishing and fraud, Li said. In the past, Germany's '.de' domain had the largest number of registered websites. The domain is not only widely used by Chinese institu...

China’s Drone Maker Comapny Ehang Unveils First Passenger-Carrying Drone

8Jan By AnkitaNo Comments

CHINA, Tech

China’s Drone Maker Comapny Ehang Unveils First Passenger-Carrying Drone

LAS VEGAS, United States, Jan. 6 (Xinhua) -- Chinese drone maker Ehang on Wednesday, unveiled the world's first drone capable of carrying one passenger, which might help achieve the long-standing dream of automated short-to-medium-distance everyday flights. The electrically powered Ehang 184, unveiled at the 2016 Consumer Electronics Show in Las Vegas, can carry a single passenger weighing up to 100 kg for a 23-minute flight at sea level at a speed of 100 km per hour, the company said. After setting a flight plan, passengers only need to send two commands: "take off" and "land," each controlled by a single click on an accompanying tablet, it said. There's no need for a runway because the drone takes off and lands vertically. "Due to the 184's fully automated navigation, made possibl...

29Dec By AnkitaNo Comments

CHINA

Due to string of fraud cases in recent years, China Central Bank introduced rules on online payment

BEIJING, (Xinhua) -- China's central bank released detailed regulations of online payment services by non-bank institutions on Monday in the latest effort to contain possible risks in the booming Internet finance industry. The new rules require real-name registration for all non-bank payment accounts and classifies them into three categories depending on the security levels. The size of payments allowed through such accounts will then range from 1,000 yuan (155 U.S. dollars) to 200,000 yuan per year. Transactions through banking payment platforms would not be restricted by the regulation, the central bank said.. The aim of the policy is partly to avoid large sums of money being deposited in third-party payment accounts, which are beyond the protection of bank deposit insurance and...

26Dec By AdityaNo Comments

CHINA

China says tech firms have nothing to fear from anti-terror law

Beijing/Reuters- Technology companies have nothing to fear from China's new anti-terror law which aims to prevent and probe terror activities and does not affect their copyright, China's Foreign Ministry said on Wednesday, rebuffing U.S. criticism as unwarranted. The draft anti-terrorism law has caused concern in Western capitals as it could require technology firms to install "back doors" in products or to hand over sensitive information such as encryption keys to the government. The law is currently having another reading at the latest session of the standing committee for China's largely rubber-stamp parliament, the National People's Congress, which ends on Sunday. This week, the U.S. State Department said it had expressed "serious concerns" to China about the law which would d...

23Dec By AdityaNo Comments

CHINA

China’s Economy In “New Normal” Continues To Power Global Growth

BEIJING, Dec. 22 (Xinhua) -- Against the backdrop of the global struggling for economic recovery and the worsening situation in some emerging markets in 2015, China's economy has remained a strong engine for the world economy. Though the Chinese economy has changed to a "new normal" of more sound and slower growth, it continues to create development opportunities for the world. At the G20 summit held in the Turkish resort city of Antalya, Chinese President Xi Jinping said that despite a recent slowdown, China has still contributed 30 percent of world economic growth, which means China is still a major world economic powerhouse. It is predicted that the world's second-largest economy will grow around 7 percent this year, and will continue contributing as high as about one-third of th...

9Nov By No Comments

CHINA

China to go after online retail sales in fight against fakes

China plans to crack down on the sale of fake goods online by using cloud computing, big data and tighter rules on user identity in its latest moves to quash counterfeiting. China has been trying to reign in its counterfeiters, who have copied everything from Apple iPhones to Louis Vuitton handbags, since it joined the World Trade Organization in 2001 and was required to adhere to global standards on intellectual property rights. The country plans to eradicate intellectual property rights infringement on the internet within 3 years, it said in a posting by China's cabinet on its official website on Saturday. China will promote the use of a "real-name system" on the internet and electronic tags to make it easier to track goods and the identities of offenders, the statement said. ...